T
he Jay Group is moving swiftly with its plans to revitalize Downtown Brooklyn. According to public records, the developer has filed plans for a 376,000-square-foot property that will span multiple lots, including 104-106 Place, 165 Willoughby Street, and 287 Flatbush Avenue Extension. The proposed development will be a 27-story, 90-unit complex with commercial space, although it's unclear whether the units will be rentals or condos.

    The project is situated within the Special Downtown Brooklyn District, where developers can take advantage of tax incentives for large mixed-use projects that include affordable housing components. This could provide Jay Group with significant benefits as they move forward with their plans.

    Jay Group recently acquired several sites across from Brodsky Development's City Point complex for $62.5 million and purchased air rights from 147 Pearl Street for $12.5 million, financed by a $50 million acquisition loan from G4 Capital Partners. The developer has also filed plans to demolish a car wash and oil change facility at 275 Flatbush Avenue Extension.

    The 90-unit project will be located across from City Point, which features DeKalb Market Hall, Trader Joe's, Target, and the 68-story Brooklyn Point tower with 458 luxury condos. Jay Group has also secured a $92 million construction loan for a multifamily property in Inwood and has made other significant investments in the area, including acquiring 101 Fleet Place from the Leser Group in 2021 for $40 million.